Lead With Online Leasing That Lives Up to Renter Expectations

The evolution of the modern renter’s expectations aligns with their digital-first lifestyle. Today’s apartment dwellers complete most of their communication and personal business online and on their mobile devices — and that includes searching for an apartment.

With about 98% of apartment searchers using online resources to look for their next home, according to an article from the National Apartment Association (NAA), by the time they apply for a unit in your community, a renter has found most or all of the information they want online.

1. They researched, inquired about and compared properties to find the right fit and options. Most renters search and narrow their options online (86%), want to apply online (67%) and sign a lease online (51%) and, once they’re tenants, pay rent online (69%), according to the Zillow Consumer Housing Trends Report 2024.
2. They arranged a virtual or onsite visit to see the living environment firsthand. The same Zillow report found that one-fifth of recent renters didn’t take an in-person tour in 2023, and the typical recent renter took only one — narrowing their options online before committing to tours.
3. They reviewed pricing, unit and amenity details to match their desired lifestyle.

Resonate with the digital renter experience

These modern renters value convenience, choice and flexibility — and they expect the same advantages in their digital leasing experience with their chosen community before, during and after submitting their application. The growing preference for self-service options with immediate personal support at their convenience has led to the requirement for multichannel access to information, applications and agents.

Results from the 2023 National Multifamily Renter Study confirmed this digital preference, as 79% of 2,000 American renters surveyed by RealPage said they should be able to get everything they need from their property manager via direct message, text or chat.

In fact, multiple industry studies indicate that renters in all economic and demographic groups expect electronic leasing technology that offers personalized options — throughout the search, tour, apply, sign and pay stages of their leasing experience — that support their diverse priorities:

• Limited time and availability
• Specific lifestyle requirements
• Value and savings
• Transparency, clarity and security

That includes existing residents, who also expect a seamless leasing experience. According to the 2023 National Multifamily Renter Study from RealPage, 78% would be more likely to renew their lease when the process is available online.

Streamline digital leasing for one-session/one-stop submission  

Online leasing programs are now table stakes for apartment searchers, with approximately two-thirds (67%) of renters saying they’d ideally apply for a rental online, according to Zillow. So, keeping renters engaged throughout the entire process to completion is a growing priority for apartment owners and operators.

The “digital-first” reality — which is evolving to “digital-only” for younger residents — is that the leasing experience renters have with your property is the first (sometimes only) impression they will form about the type of resident experience they can expect from you.

Live up to online leasing expectations

In an increasingly competitive housing market where renters have seemingly endless choices — and 94% of those surveyed in 2024 have moved within the last two years — these are the top four considerations for leading with online leasing that lives up to the expectations of modern apartment prospects:

Simplify the entire online leasing experience to engage applicants from start to finish.
Among the 90% of renters who experienced recent moving challenges, 33% listed coordinating lease and move-in documents with the property in their top three, as surveyed in the 2024 National Multifamily Renter Study from RealPage. Creating a convenient, personalized and efficient rental application journey makes it more appealing and easier for applicants to quickly complete and submit information for leasing at their selected apartment community. Taking prospects from submission to screening to eSignature should be a seamless, interactive experience with clear communication along the way.

Deliver clear and inclusive application steps.
Including easy-to-understand instructions, intuitive forms, translation support and clearly defined steps is important to assist everyone from any background in completing their rental application seamlessly on any mobile device — in one sitting — with instant response and timely support. Giving prospective renters all the reason(s) to start and complete online leasing in one “place” with your property shows them they will get everything they want and need as a resident without wasted time or confusion.

Demonstrate secure access and transparent progress for each application.
Renters expect no waiting, no wondering, no surprises, no hassles and minimal risk from their online leasing experience. In a 2024 survey, over 50% of multifamily properties reported diverse types of fake identity, income fraud or approval errors. Making the journey secure and problem-free means safe handling of each renter’s individual identity and financial information on one platform that can protect their data, their identity and their funds — from prequalification and screening through approval and first payment. Communicating application status changes, prompting for next steps and sharing notifications for additional action needed help establish an applicant’s confidence and trust with their selected community.

Streamline the leasing experience for property staff, too.
Ensuring always-on engagement and results with a smaller staff means easing the administrative load to shift the team’s focus to individualized service and support for prospective renters — and away from repetitive, time-consuming tasks for the property team. With modern online leasing solutions, property staff can rely on hassle-free automation for speed and consistency, trust integrations with current systems for reliable operations, and easily manage workflows for application exceptions, screening approvals and “hands-free” payments.

Everyone can get more from online leasing

The most effective online leasing technology helps ensure that staff at any property can effectively and efficiently stay connected with every rental applicant from qualification until the lease is signed and initial payment is collected to secure their new home.

With comprehensive online leasing, the renter maintains control of their rental application without compromising the property’s commitment to secure, efficient and compliant operations:

• Prospective residents receive real-time, personalized pricing and options that are pre-approved by the property
• Applicants and property staff experience a secure, seamless and complete leasing journey that covers all the details
• Properties of any class rating and size can offer every renter a fair, reliable and consistent online leasing experience

Watch for these differences in an online leasing platform

A renter-centric online leasing program that supports connection, compliance and conversion offers more than just online access to the rental application:

• Integration with the current property management system(s) (PMS), including seamless, personalized processes for applications and payments
• Built-in support for data security, fraud prevention and regulatory compliance
• Flexible operating model that helps optimize your operations and save staff time
• Intelligence and automation that help qualify renters, drive more conversions and support faster time to revenue

Find out more about how to transform the leasing experience for property staff and apartment prospects with Online Leasing software and solutions from RealPage.